Wells Fargo savings accounts have no opening deposit requirement

You can open a Wells Fargo savings account with $0. Wells Fargo does not charge an opening deposit, so you can fund the account after you create it, or start with whatever amount you have on hand.

What matters more than the opening deposit is the monthly maintenance fee. Most Wells Fargo savings accounts charge $5 per month unless you meet a waiver condition — usually keeping a minimum balance or setting up direct deposit.

The specific fee and waiver rules depend on which savings product you choose. Wells Fargo offers several: the standard savings account, money market savings, and certificates of deposit (CDs). Each has different terms.

Key Takeaways

  • You need $0 to open a Wells Fargo savings account; there is no minimum opening deposit.
  • Most Wells Fargo savings accounts charge a $5 monthly maintenance fee unless you maintain a minimum balance or receive direct deposits.
  • The minimum balance required to waive the fee varies by account type — typically $300 to $500 for standard savings.
  • You can open an account online, by phone, or in person at a Wells Fargo branch.
  • If you do not meet the waiver conditions, the monthly fee will reduce your balance over time.

Monthly fees and how to avoid them

Wells Fargo's standard savings account charges $5 per month. You can waive this fee by keeping a minimum daily balance of $300 or more, or by receiving at least one direct deposit per month into the account.

If you do neither, the $5 charge hits your account every month. Over a year, that is $60 in fees on an account you may not be using actively. If your balance stays below $300 and you have no direct deposits, the fee will slowly erode what you save.

Wells Fargo also offers a Money Market Savings account, which has a higher monthly fee (typically $25) but pays a higher interest rate. The minimum balance to waive that fee is usually $2,500. This account makes sense only if you have that much to deposit and want to earn more interest.

What you need to bring or provide

To open a savings account at Wells Fargo, you will need a valid government-issued ID (driver's license, passport, or state ID) and a Social Security number. If you open online, you can use your ID and SSN to verify your identity without visiting a branch.

You will also need to choose a funding method. You can transfer money from another bank account, deposit cash at a branch, or start with $0 and add money later. If you want to waive the monthly fee using direct deposit, you will need your employer's routing and account information, or you can set it up after opening.

Wells Fargo will run a ChexSystems check, which is a banking history report. This is not a credit check, but it does flag accounts closed for negative reasons or fraud. If you have been flagged in ChexSystems, Wells Fargo may deny your application.

Opening online versus in person

Opening online takes about 10 minutes and you can do it from home. Wells Fargo will verify your identity using your ID and SSN, and you can fund the account immediately by linking another bank account or waiting for a transfer to clear.

Opening in person at a Wells Fargo branch takes longer — usually 20 to 30 minutes — but you can deposit cash right away and speak to someone if you have questions about which account type fits your needs. Some people prefer this if they are unsure whether they will meet the fee waiver conditions.

Either way, your account opens the same day. You can start using your debit card (if you open a checking account) or access your savings account online within hours.

Interest rates and how they change

Wells Fargo savings accounts earn interest, but the rate is typically very low — often less than 0.01% annually. This means a $1,000 balance might earn less than $0.10 per year in interest.

Interest rates change based on what the Federal Reserve does with its benchmark rate. When the Fed raises rates, banks eventually raise savings rates. When the Fed cuts rates, savings rates fall. Wells Fargo publishes its current rates on its website, and they vary by account type and region.

If you are saving money and want a higher rate, online banks and credit unions often pay more than Wells Fargo. But if you want the convenience of a Wells Fargo branch and ATM network, the lower rate may be worth the trade-off.

Fees beyond the monthly maintenance charge

The $5 monthly fee is the main cost, but Wells Fargo charges other fees in specific situations. If you overdraft your savings account (withdraw more than you have), you will pay an overdraft fee, typically $35 per transaction. If you exceed six withdrawals in a month, you may face a fee for excess withdrawals, though this rule has become less common.

If you close your account within 90 days of opening, Wells Fargo may charge an early closure fee of $25. This is rare but worth knowing if you are testing the account or planning to move banks quickly.

Wire transfers out of your savings account may also carry a fee, usually $15 to $20. Check Wells Fargo's current fee schedule on its website, as fees change occasionally.

Frequently Asked Questions

Can I open a Wells Fargo savings account if I have been denied before?

If you were denied because of a ChexSystems flag, you can try again after the issue is resolved or after time has passed. Contact Wells Fargo directly to ask whether your situation has changed. If you were denied for other reasons, calling a branch manager may help clarify what is required.

What is the difference between a savings account and a money market account at Wells Fargo?

A money market account pays higher interest but charges a higher monthly fee ($25 instead of $5) and requires a higher minimum balance ($2,500 instead of $300). It also limits withdrawals. Choose it only if you have the balance and do not need frequent access to your money.

Do I have to keep the $300 minimum balance every single day?

Yes, Wells Fargo calculates the minimum balance requirement on a daily basis. If your balance drops below $300 even once during the month, you will be charged the $5 fee. Direct deposit is often easier than maintaining the balance.

Can I open multiple savings accounts at Wells Fargo?

Yes, you can open more than one savings account. Each account is separate and has its own monthly fee unless you meet the waiver conditions for each one. This can be useful if you are saving for different goals, but it also means more fees to track.

What happens if I do not use my savings account for a long time?

Wells Fargo will continue to charge the monthly fee even if you do not touch the account. If your balance reaches $0 or goes negative due to fees, the account may be closed. Check on inactive accounts periodically to avoid surprises.